Code:
Sub DropCaps()
Dim oSection As Section
Dim lngIndex As Integer
Dim oRng As Range
Dim strText As String
For Each oSection In ActiveDocument.Sections
For lngIndex = 1 To oSection.Range.Paragraphs.Count
If Len(oSection.Range.Paragraphs(lngIndex).Range) > 1 Then
Exit For
End If
Next lngIndex
Set oRng = oSection.Range.Paragraphs(lngIndex).Range
strText = oRng.Words(1).Text
oRng.Collapse wdCollapseStart
oRng.Select
With oSection.Range.Paragraphs(lngIndex).DropCap
.Position = wdDropNormal
.LinesToDrop = 2
.DistanceFromText = CentimetersToPoints(0.1)
End With
Selection.Paragraphs(1).Next.Range.Words(1).Delete
Selection.Text = strText
Selection.Characters.Last.Next.Delete
Next oSection
Set oSection = Nothing
End Sub